Last updated on May 9th, 2020 at 08:56 am
Balancing the responsibility of non-disclosure agreements (NDAs) requires a keen eye and sharp focus. Vendors come and go, and so do their representatives. Legal protection of your confidential company information is essential, but it doesn’t have to consume your schedule. The right NDA management system tool can help cover all the bases. The very nature of non-disclosure agreements is why the NDA software you use can set the tone for your business operations and, most importantly, the ROI.
Use the Best Contract Management Strategies Possible — and the Best NDA Management System
A large part of what makes your company successful is the ingredients that no one else knows. Some business relationships require you to pull back the curtain just enough because, in order to do business, you must share private information. When sharing a particular business secret exposes you to potential harm, an NDA helps legally bind vendors and other businesses so they have to protect the information.
Managing NDAs doesn’t have to overwhelm you. While you may have a system currently in place, a one-stop source for better document management can help to save time and get work done faster. That’s a precious commodity for any business.
When an NDA Is Necessary
Not every vendor or contract requires an NDA. Determining what information is necessary to share in order for your company to experience success depends upon the nature of the business relationship. The following circumstances are just a few examples of why an NDA is often necessary to protect your company’s best interest:
- There are employees with the other company or vendor who may have access to the shared information.
- The business partner needs the financial details of a possible partnership or potential sale.
- The business relationship involves custom modifications to your products.
Make sure your company has a strict policy on when to request NDAs. No matter how trustworthy business or vendor may seem — or how long you’ve had the relationship — always protect what you know from those about to learn it. You may use an NDA in the early stages of a potential project or partnership. Exploring options for working together can include an NDA because some degree of private information is often required in order to simply start.
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Does Your NDA Include the Right Language?
Not all NDAs are the same. What works for one business relationship may not work for another. In the day-to-day operations of your business, it is easy to fall into a routine of applying the same template to each NDA. Even the simplest modifications can spell disaster if the language isn’t specific to the confidentiality your company needs. But one go-to option isn’t enough.
A library of templates for choosing one most applicable is one of the great features of ContraxAware. Once you choose the template you want, complete it, your legal counsel can review it. The process is so much simpler when you have a template to guide you with the right language for your terms and conditions. Even better, your legal team can establish automatic workflows that guide people through choosing the right template. Your company may also have to review another business’s NDA, and it’s essential to have a process in place.
The Importance of eSignatures
The details of your NDAs are important. But nothing is ironclad unless the document is signed and received by the deadline. One of the fundamental benefits of the right contract management system is its eSignature process.
Knowing the who, when, and what of eSignatures is essential to your NDA management system. After all, in order to meet the requirements of a legal document, someone, somewhere, must sign the documents.
Built-in DocuSign features allow you to send and sign contracts using eSignature. ContraxAware even includes the ability for you to receive automatic reminders throughout your NDA process.
Getting the Right Signatures
According to the most recent data from the U.S. Department of Labor Statistics, most employees spend five years or less in one job. Employee signatures are one of the leading reasons why NDA agreements are so important.
With changing staff, a business may have a disgruntled employee who views your sensitive information as a potential weapon. An NDA is a proactive approach to ensuring your information remains confidential, no matter what issues arise with staff.
Education and communication are two tools that can ease the process with your own employees. Most people want to understand what their signature on a document means. Don’t assume that your own staff understands the scope of an NDA they sign. A little training can go a long way to preventing future headaches should a particular employee leave for the competition. NDAs are also just the tip of the iceberg for how a good contract management system can help your HR department.
Determine the Timeline for Your NDA
Establishing a timeline for your NDA is something to consider when developing the terms of your agreement. Some trade secrets may require an indefinite timeframe, while other less sensitive information may require a specific timeline.
Often referred to as confidentiality obligations, the duration of your agreement depends upon a number of factors. Including the scope of time can better define the terms of your NDA and how long you expect the agreement to last. This allows everyone to have a better understanding from the start of any project or business relationship when it comes to start and stop times of the agreement
Stop NDA Requirements from Becoming Roadblocks
NDA requirements can become bogged down in requirements that can confuse the most knowledgeable person on your team. The smallest roadblock can bring your entire project to a halt, so make it a priority to streamline your process.
ContraxAware isn’t just a cloud storing system. It’s a collaborative tool that, when used strategically, can prevent roadblocks and bottlenecks by using a team approach. Your legal counsel is in place to protect the best interests of your business. From risk mitigation to risk avoidance, legal counsel provides the oversight NDAs and other important contracts require.
Navigating the NDA process in order to secure the best outcome possible is where a management system is invaluable. Everyone who needs access, has access, making it easier to achieve results that save time and money.
Creating an NDA Management System Process
When it comes to NDA management, there’s no need to reinvent the wheel with each new partnership. Custom templates are convenient for saving time and resources. Once you develop an NDA that covers the terms your project requires, you can easily integrate it with other data.
At ContraxAware, our data migration specialists can help you securely transfer your current data. Depending upon your needs, our software allows you to export data into the system as you need it or all at once. From spreadsheets to other types of data sources, we can help you find the best solution for an easy transfer of information.
Merging sources makes management of your NDAs and other contracts easier to access and navigate. Revision tracking features help keep documents up-to-date with the latest changes so there’s no confusion.
Your NDA management system doesn’t have to overwhelm your staff. Processing such important information and collaborating on the details is possible when it comes to securing the best outcomes for your business.
Different NDAs and Process Workflows Your Company Needs
There are two standard types of NDAs: mutual and unilateral. A mutual NDA is just as it sounds, with sensitive information shared by both parties. A unilateral NDA refers to an agreement submitted by one of the parties for another party to sign and accept because only one party is sharing information. Your company may deal with each type of NDA or NDAs that include specific terms and conditions for your project or business relationship.
No matter what type of NDA you work with on a daily basis, sensitive information is changing hands. That’s reason enough to invest in the best software system possible for protecting the best interests of your business.
Workflows for your NDA processes involve more than just you and your legal counsel. An essential — although often overlooked — partner is your IT department. A strong IT support system helps all departments use an NDA management system by ensuring the company network and access remains consistent.
How ContraxAware Can Help You Manage Contracts Better
At ContraxAware, we take great pride in the way our contract management system helps companies thrive. Protecting the time your employees invest in ensuring documents contain the right language, terms, conditions, and signatures can help your ROI.
Life gets busy, both in the office and outside of the office. Chances are that your NDA management system is just one component of your office day. Ringing phones, emails, meetings, and more consume enough time.
An NDA is too important to risk missing a deadline for a signature or to miss that one particular part that wasn’t signed. Juggling several NDAs at once can lead to downright confusion. There is no room for guessing where your legal counsel reviewed the NDA, received the latest update, or even knows about a particular NDA of great importance.
Time management begins with collaborative tools. A centralized system has benefits that go far beyond storage. With ContraxAware, you can create, process, store, and manage in a streamlined process that can help accelerate growth and increase profitability.
Take Your NDA Management System to the Next Level
ContraxAware comes with the support and training you need to get up-and-running. Built-in training guides help new users through the software. Additional features like an online help system and eight hours of one-on-one training come with the professional and above subscription plans.
You’ve worked hard to build your business, and protecting your success relies on quality NDA management. Not all contract management systems are alike, and choosing the right one to meet all your needs is an important decision.
NDA management software is no place to settle when it comes to guarding your secrets of success. It is easy to become complacent in using the same NDA agreements time after time. In today’s ever-changing business world, however, falling into a trap of “we’ve always done it this way” is dangerous. It will be determinantal to your efforts to experience growth, measure ROI, and form positive business relationships.
ContraxAware provides the ability to manage documents, ensure compliance, and strengthen your business position. Our leadership has the skills and background necessary for developing the best NDA software available. Two leaders combine their expertise to ensure that ContraxAware serves its clients using the latest information in a streamlined system.
ContraxAware CEO John D’Amelio has more than 30 years of experience developing, implementing, and supporting software programs. From Forbes 500 companies to small businesses and everything in between, John’s talent and expertise have a global reach.
Joining John is Jack J. Vultaggio, J.D., the General Counsel of ContraxAware. Jack also serves on the development and advisory team. His more than 30 years of experience includes serving as a business lawyer for a variety of companies. His knowledge of business contract law is invaluable when it comes to the legal framework used within the ContraxAware system.
Both John and Jack understand the importance of NDA agreements and the power such documents have to make — or break — a business. By joining forces, they now lead ContraxAware and a great staff of knowledgeable and professional employees.
How Our NDA Management Software Can Help You Right Now
Quality NDA management software is important for a business of any size. Our sales team can help match you with the best subscription plan for your needs. You can even try ContraxAware for free. Once you sample our time-saving software, you’ll see how easy it is to use — and you’ll wonder how you ever got by without it.
Business relationships are a part of what makes a healthy economy. Trusting those you enter into a partnership with isn’t easy, and it certainly isn’t practical. No matter how long you’ve known someone or how much you respect them, an NDA is the legal documentation that protects the business you built. When your business relationship turns sour, an NDA has your back.
Get Started Today
The pace of today’s business world is fast and furious. Trying to keep up with multiple contracts in addition to your other daily business needs is often overwhelming. If you’re dreaming of a way to streamline your NDA management system, we can help. At ContraxAware, we make it easy to get online in minutes, implement in hours, and realize ROI in weeks.
The expertise that John and Jack possess is what continues to make ContraxAware a formidable option for your business. They stay vigilant about updates in law and regulations. NDAs are vital to business. Let us help you create the strongest NDA management system your company has ever experienced by contacting ContraxAware today.